GIG obtains sports betting licence in the german state schleswig-holstein through the acquisition of nordbet
Gaming Innovation Group has agreed to acquire the German sports betting company Nordbet, which holds a sports betting licence in the German state, Schleswig-Holstein.
The licence in Schleswig-Holstein will allow GIG’s own operators to offer sports betting in Germany.
In addition, it is expected that the licence will allow GIG to integrate with the larger payment providers, making GIG’s sports and casino offering more available to German end-users. The licence will thus strengthen GIG’s overall offering in the German market.
Germany is the 2ndlargest iGaming market in Europe, and the country’s online sports betting market had a gross turnover of EUR 5.3 billion in 2017.
The sports betting licence will be valid until February 2019, with potential for extension following this period. Nordbet is currently an inactive company with no assets except for the licence, and the purchase price is EUR 500,000.
CEO of GIG, Robin Reed comments:
“We have high ambitions for our sports betting offering. These are being accelerated by the launch of three new B2B products for sports betting in H1 2018. Combining these sports betting services with preferred payment providers, makes GIG’s sports offering in Germany very competitive ahead of the FIFA World Cup in June 2018.”